Life insurance for seniors over age 60 is not that hard. Age is more than a number. For those who are over age 60, they can choose between life insurances. These are either term life insurance or whole life insurance. Deciding whether you purchase a term life insurance or a whole life insurance is a personal decision that you must base on your financial needs as well as that of your beneficiaries.

Life insurance is flexible and quite a powerful financial vehicle that can also meet your financial objectives and provide financial security so that you can also build financial assets and at the same time, leave a legacy.

Here are the main features of term life insurance and whole life insurance.

life insurance for seniors over age 60 and burial insurance for seniors over age 85

 

 

Term Life Insurance vs. Whole Life Insurance

Age is more than a number. For those who are over age 60, they can choose between the term life insurance or the whole life insurance. Deciding whether you purchase a term life insurance or a whole life insurance is a personal decision that you must base on your financial needs as well as that of your beneficiaries.

Life insurance is flexible and quite a powerful financial vehicle that can also meet your financial objectives and provide financial security so that you can also build financial assets and at the same time, leave a legacy.

Here are the main features of term life insurance and whole life insurance.

 

life insurance for seniors over age 60 and burial insurance for seniors over age 85

 

Features of Term Life Insurance

It only provides death benefits and only pays when you die and the policy is still in effect. Also, this is more affordable and easy to purchase than the whole life insurance. Further, it can also be set for a specific time period. You can go for a 5-year, 10-year, 15-year or 30-year term.

You must buy this policy when you are younger because it gets more and more expensive as you age, especially when you turn 50 and older. If you want to extend your coverage, renew the policy beyond the term length that you specified, that’s if you are qualified.

Term life insurance can also be used as an additional coverage temporarily alongside a permanent life insurance. Once you change your mind, you can convert this to a whole life insurance.

 

Features of Whole Life Insurance

A whole life insurance covers you for your whole life and also provides death benefits like burial insurance for seniors over age 85, this is an ideal policy. Whole life insurance provides death benefits as well as cash value that can be accumulated which is built during the duration of the policy.

If you opt for a whole life insurance, some companies require a health examination to qualify. If you choose to not go through the exam, you can still purchase this insurance policy but it will be more expensive.

Whole life insurance also takes 12 to 15 years in order to build up a decent cash value. This is an ideal choice. Especially if they opt for insurance for estate planning. The cash value is based on the return on investment’s total worth. A portion of the cash value from the whole life insurance can also be withdrawn. And, borrowed especially when the policy is still in effect.

The whole life insurance has more expensive premiums that the term life insurance. The upside to this is that is can save you money over the duration of the policy when enforced and this will even last you for a considerable number of years.

Life Insurance for Seniors Over Age 60

Now that you are over 60, here’s a closer look at how much life insurance costs. Remember to get the policies that have the lowest premiums as well.

An Example cost for final expense insurance for age 60 with no tobacco rate 10k benefit amount

A+ rated co. $32.87/ Month
B+ $33.32
A $33.65
B++ $33.79
A- $33.94
B $33.96
NR $34.07
A- $34.74
NR $35.04
A $35.41
A- $35.42
B $36.08
A $36.54
A $37.77
A $38.26
A $38.46
A $40.02
A+ $40.71

Potential Funeral Costs for Seniors Over Age 60

 
When your parents are over 60, chances are you are looking into burial insurance for parents. As painful as it is to accept that you may lose them someday, it is a fact of life. Other problems that you would have to ponder are funeral costs. This, along with the burial costs, can amount to a whopping $9,000.

Parents with diagnosis may consider medical bills accumulating over time. Also, consider car payments including in debt expenses. Life insurance for seniors over age 60 can cover these expenses.

One can get this insurance easier than life insurance for seniors over age 80. Seniors will have limits in insurance policies as they grow older. It is also advisable that you use a broker than an agent to advise you.

An agent will only refer you to one insurance company or a one dimensional company. This regards as a captive company. Professional brokers know the commitment to a specific insurance provider. Also, they definitely assist and help seniors find the life insurance for seniors over age 60.

 

 

 

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